In today's economy businesses are cutting back, looking at how they can put out as little as possible. Some companies even stop most of their advertising and marketing all together. Which is the worst thing to do in this economy.

Companies will cut back on marketing and advertising because they view it as a cost. The right marketing is an investment, but to figure out the right marketing you have to test, evaluate and test some more.

Instead of cutting back, evaluate what you're doing now and re-allocate funds to methods bringing higher ROI. Look for ways to do the same marketing your doing now at a lower cost, or change your marketing strategies all together. Here are a few tips to get some ideas rolling. Keep in mind we are always here to contact for questions or free consultation.

MAKE A MARKETING LIST
First make a list of what type of marketing or advertising your company is doing right now. Make sure to include how long the company has been utilizing each marketing method, along with on-going investment amounts, one-time investments and how much of a return you have received from each method. You know, ROI.

SPLIT UP YOUR LIST BASED ON ROI
Once you have completed your first list now it's time to divide that list up. Pretty simple. Decide based on ROI which marketing methods are bringing a good return, and which are not. If you haven't kept good records of where customers are coming from then it will be tough to figure out the ROI.

EVALUATE AND MODIFY
Now that you know which efforts are bringing you the best ROI you can stop using the low producing methods, and re-allocate the funds from those into methods bringing a higher return. If the majority of business comes from referrals, maybe take the money used on the low ROI marketing and give it to individuals that send you referrals. Print up a flier to spread the word of your new referral program.

It's about getting organized and putting together a new plan of action. If you have never had a plan of action, then you have no records to evaluate, so what should you do. Write out a plan, take action and keep record of how you're getting business.

SOME BASIC MARKETING OPTIONS
Different methods work for different businesses, and at different times in different economies. My best advice is to evaluate the competition, or the top dog, and find out what is working for them. If it's too much of an investment then you will have to get creative.

Here is a short list of some basic options to get some ideas:

• Word-Of-Mouth Referrals (The best form of marketing. Offer incentives or kick-backs for referrals. Join a local networking group)
  
  
• Contribute (Host an event, sponsor an event, co-op advertising, write an article for a magazine or blog. Get creative and never contribute with expectations of receiving. People will see right through you.)
  
  
• Back To Basics (Evaluate your business cards, thank you letters, invoices and other company material. Is the material communicating the right message to your target, or for this economy?)
  
  
• Website Visitor Conversion (If you have a website, and traffic is going to the site then you should be converting some of those visitors into contacts, or purchasing customers. If not, then you need to call us.)
  
  
• Print Advertising (Sometimes a bit pricey but successful when implemented right. Important to target and use for branding.)
  
  
• Direct Mail & Fliers (Great for special offers and special incentives, or driving traffic to your website.)
  
  
• Pay-Per Click Advertising (Also called PPC. This can be beneficial depending on your business, and you don't always need a website.)
  
  
• Web Banner Ads (Similiar to PPC but banners go on other websites showing special offers using nice graphics or animation to draw attention.)
  
  
• Vehicle Signage (If you or company employees are on the road alot it could be beneficial to invest in some nice vehicle graphics.)
  

Whatever you choose make sure your marketing is consistent, and that every customer gets asked, "How did you hear about us?" then keep a record of it. That way it will be easier to evaluate your plans, and implement a new marketing plan.

If you have questions, or would like a free consultation then get in touch with us.